Tech-savvy Companies Leverage NFTs to Take Back Control of Their Brands

Other examples of corporations leveraging the power of NFTs include global sportswear giant Nike, which launched CryptoKicks in collaboration with RTFKT Studios in April 2022. The project, which links digital shoes with their real-world counterparts, enables collectors to acquire physical sneakers as well as digital facsimiles for their metaverse avatars. Investors also gain access to exclusive online sneaker forums.

Rival sports brand Adidas, meanwhile, made the headlines by purchasing Bored Ape Yacht Club (BAYC) #8774, ‘Indigo Herz’, which it branded with its logo. In addition to purchasing a plot of virtual land in the Sandbox metaverse game, the Germany-headquartered multinational has also partnered with PUNKS Comic and influencer gmoney, releasing 30,000 NFTs for collectors.

“NFTs create investor excitement through rarity. Linking the physical and digital realms is still seen as a cutting-edge move for a company, and those that have already embraced these digital tokens are succeeding in creating stronger brand loyalty among communities in the metaverse. But an NFT’s value doesn’t just lie in the asset itself; it also relates to the additional benefits that buyers gain through ownership of the tokens, such as exclusive access to products, events, forums and services. This is where companies are really starting to build brand loyalty, generating a sense of community and exclusivity all at once", said Sajwani.

As Web3 continues to expand, it’s vital for brands to inculcate a presence online beyond a conventional static website. Sajwani added, “We’ve seen forward-thinking companies do some amazing things on social media platforms, but it’s now time for them to step into the metaverse and interact with a new generation of consumers.

“In my opinion, NFTs represent an unprecedented opportunity for companies looking to develop loyalty, community and exclusivity. Brand culture will prove essential for business that wish to remain relevant over the longer term, and this is now intrinsically linked with life online”, he concluded.